State-run Land Bank of the Philippines and the Sugar Regulatory Administration revised the implementing rules and regulations of the Socialized Credit Program under the Sugarcane Industry Development Act.
The signing ceremony took place on Dec. 16 at the SRA Sugar Center Building in Quezon City, led by LandBank president and chief executive Lynette Ortiz and SRA administrator Pablo Luis Azcona.
The updated IRR aims to streamline processes, providing more accessible and affordable credit to sugarcane farmers and service providers.
The initiative supports LandBank’s commitment to empowering the agricultural sector and promoting inclusive growth in rural communities.
Data showed that as of November 2024, LandBank approved loans totaling P1.32 billion under the SCP-SIDA, benefiting over 4,000 individual borrowers, including six block farms and four common service centers nationwide.
The program offers loans at a fixed interest rate of 2-percent per annum, ensuring ease of loans for small farmers and fishers while supporting productivity through advanced and cost-efficient farming practices.
The SCP-SIDA forms part of LandBank’s broader initiative to support the agriculture sector, which accounted for P769.68 billion in outstanding loans as of October, representing 55.5 percent of the bank’s total gross loan portfolio.
